I got a message from a friend about a deal that came to him but asked me if I wanted since he did not live close to the deal.

[Rusty Hamontree]

Rented 3 Bedroom and 1 Bath - rented for $460 per month. Tenant pays electric.

Rented 1 bedroom 1 bathroom - rented for $350 per month. Tenant pays electric.
Owner pays the water and trash bill.
Large yard .7 acres total including an extra buildable lot.
Newer windows
Newer electric system
House was substantially remodeled in 2007 (one new kitchen and one new bathroom. One partially remodeled kitchen and partially remodeled bathroom.)
Entire back half of roof was replaced in 2013
Interior of house is in good condition.

Possible owner financing scenario:
Down payment $10,000
Amount financed $29,900
Monthly payment -- $284.75
30 year amortization
10 year balloon payment
No prepayment penalty

Proforma Income and expense statement:
Gross rent $9,720 ($460 per month + $350/mo.)
Less vacancy 5% -486
Net potential rent 9,234

Expenses:
Taxes 2012 $1,068 (taxes have been appealed. They should go down. House is assessed for $61,000)
Insurance 423 (recent quote from State Farm)
Maint, repair other 1,000 (estimate)
Water bill 1,020 ($85/mo. usual bill)
Total Expenses 3,511

Net Operating Income $ 5,723
Mortgage pmts 3,417 ($284.75/mo.)
Net Income $2,306

My question is this deal something worth putting my money in, and Should it be considered if so, why and why not. Any advice if I do for it.